Tesla names Robyn Denholm as its new chairwoman, replacing Elon Musk

Denholm, who has served on Tesla's board since 2014, will leave her role as CFO of Telstra, the Australian telecom giant, in six months.

Musk had agreed to vacate his post as board chairperson as part of a settlement with U.S. regulators of a lawsuit alleging he duped investors with misleading statements about a proposed buyout of the company.

The new chairman isn't likely to influence Musk's behavior, said Frank Schwope, an analyst with NordLB in Germany.

Denholm, one of two female directors on the nine-member board, assumes her new position immediately, Tesla said.

Making Denholm a full-time chair also creates governance problems because she could become a Tesla executive, blurring her role as an independent check on management, Elson said.

Days after settling with the SEC, Musk mocked the agency, in another tweet that labelled the agency the "Shortseller Enrichment Commission".

Top proxy advisers Institutional Shareholder Services and Glass, Lewis & Co had each classified Denholm as an "independent" director of Tesla in reports to the carmaker's investors earlier this year. "She's not a proven entity in this kind of work", she said.

Under that settlement he and Tesla each had to pay a $20 million fine but Musk was allowed to stay on as CEO.

Tesla shares were up 1.4 percent in morning trading. A spokesperson at the company told CNBC that Denholm will receive 8,000 stock options each year and a cash retainer of $300,000 once she leaves Telstra.

Since then, she has worked at Swiss power grid maker ABB Ltd, network gear firm Juniper Networks and 1980s and 90s computing giant Sun Microsystems.

The news comes just weeks after Tesla posted net profit of $312 million for the third quarter, by far its largest ever.

Tesla weathered a rocky few months in the wake of Musk's tweets that he had "funding secured" for a deal, later scuttled, to take Tesla private.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.

Directors will create a permanent committee to ensure implementation of the terms of the SEC settlement, which include setting up procedures and controls to oversee Musk's communications - including his tweets.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.

Related news

While Apple had great expectations for the iPhone XR, it's now ordering more iPhone 8 and 8 Plus models from its partners. Originally Apple had ordered 20 million of the last generation model but has since raised the order to 25 million.

UN Secretary-General Antonio Guterres on Friday had called for a halt to violence to pull Yemen back from the "precipice". On Tuesday it was reported that the real death toll in Yemen was likely five times higher than the official count given.

Drummond - who was ejected in the win over the 76ers - had 20 points and 20 rebounds through three quarters against Cleveland. James dominated with 28 points, 11 assists and 11 rebounds in his 74th career triple-double - the first with his new team.

On Wednesday night, students gathered for college country night held between 9 p.m. and 2 a.m., according to the bar's website . Helus will be transported via motorcade from Los Robles Hospital to westbound Janss Road", the department said in a statement .

There are certain limitations on continuing their stories from the show, as anyone who watched Breaking Bad no doubt realizes. No word yet if the show's original stars, such as Bryan Cranston , Aaron Paul or Anna Gunn , will be involved.

Him sitting on Sunday night , when the Patriots will need to score to beat Aaron Rodgers and the Packers , is pretty telling. Everybody does things well, but what you do well, just keep doing it", Valdes-Scantling added about Adams' advice.

Bolsonaro , a former army captain, has become a polarizing figure in Brazil because of his anti-LGBT, sexist and racist remarks . In particular, many Brazilians were furious with the Workers' Party for its role in the graft scheme known as "Carwash".

Four people, including three Girl Scouts, were killed in a hit-and-run crash in Wisconsin on Saturday, police said. One additional 10-year-old is still in the hospital, but they say she is reported to be in stable condition.

Blizzard said that Diablo Immortal will also have the potential to add new classes, such as Diablo 3's Witch Doctor, post-release. Blizzard has said that the game's netcode will be restructured, bringing it up to the standards of "modern matchmaking".

Mexican official says there's an election link to caravan
The French news agency reports the group was in the Mexican town of Tapachula, about 1,850 kilometers from McAllen, on Tuesday. He again claimed the group of mostly impoverished Central Americans slowly moving toward the U.S.is "a risky group of people".

Djokovic wins Paris opener as Federer confirms return
Federer refusal is nowhere linked to Khashoggi's death and the Spaniard Nadal says this contract was signed a year ago. Canada's Milos Raonic has also pulled out of his second-round match against Roger Federer with a right elbow injury.

Joy over reunion with son abducted 31 years ago
She expressed her gratitude to the Missing Children Society of Canada and the US officials for working to find her son. After decades of waiting, Mann-Lewis said in many ways the last few hours before seeing her son again were the worst.

Tesla says Model Y ready to start production
Tesla also posted $52 million (£40.5 million) from the sales of regulatory tax credits and $23 (£17.9) million in other income. Tesla officials "were transparent about how hard it would be" to ramp up Model 3 production, spokesman Kamran Mumtaz said .

NBC Cancels Megyn Kelly's Morning Show
Thank you for listening, and for helping me listen, too". "And then people can have more faith in it". The new role would involve her in hard news stories rather than morning show fare.